DBRS Discontinues Rating on the Series 19 Notes Issued by Fondo de Titulización del Déficit del Sistema Eléctrico, F.T.A.

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Series 19 notes issued by Fondo de Titulización del Déficit del Sistema Eléctrico, F.T.A. (FADE or the Fund).

The rating action reflects the payment in full of the EUR 1,500 million Series 19 notes at their Final Maturity Date (17 December 2016 payment date). The rating of the Series 19 notes before their full redemption was A (low) (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Legal Criteria for European Structured Finance Transactions”.

In DBRS’s opinion, a discontinued-repaid rating action does not require the application of the entire principal methodology.

Other methodologies referenced in this transaction are listed at the end of this press release.

These may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” at: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/

The sources of information used for this rating include reports provided by Titulización de Activos S.G.F.T., S.A.

DBRS does not rely upon third-party due diligence in order to conduct its analysis.

DBRS was not supplied with third party assessments. However, this did not impact the rating analysis.

DBRS considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The last rating action on this transaction took place on 17 October 2016 when DBRS finalised its provisional A (low) (sf) rating on the EUR 65.0 million Series A notes increase. The last rating action on the Series 19 notes took place on 9 September 2016, when DBRS confirmed its rating at A (low) (sf).

Information regarding DBRS ratings, including definitions, policies and methodologies, is available at www.dbrs.com.

For further information on DBRS historic default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Alfonso Candelas, Vice President
Initial Rating Date: 19 September 2013

DBRS Ratings Limited
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The rating methodologies used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology

A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375